Question

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?
a.
$331.52
b.
$420.67
c.
$631.52
d.
$719.59

Answer 1

I believe it is a. $331.52. Hope this helps :)

Answer 2

The amount of interest that Walter earned more than Henry is: a. $331.52.

First step is to calculate the Interest for both Henry and Walter

Using this formula

Interest= P×r×n

Where:

• I= interest=?

• P= principal=6,500, 7,100

• r=  rate=0.0454, 0.0474

• n= number of years=8

Henry interest

Interest = 6,500 x 0.0454 x 8

Interest=$2360.8

Walter interest

Interest = 7,100 x 0.0474 x 8

Interest=$2692.32

Second step is to calculate the interest

Interest= $2692.32-$2360.8

Interest=$331.52

Inconclusion the amount of interest that Walter earned more than Henry is: a. $331.52.

Learn more about interest here:https://brainly.com/question/24274034